LONDON (dpa-AFX) - Melrose Industries PLC (MRO.L) said it is trading in line with expectations for the full year. The Group said its first half results were at the higher end of expectations, helping to de-risk the second half performance required to achieve full year expectations.
Melrose also announced its intention to separate the GKN Automotive and GKN Powder Metallurgy businesses from the Melrose Group by way of a demerger of shares in a new holding company, DemergerCo, to shareholders. This will result in two independent and separately listed companies, DemergerCo and Melrose Industries PLC. Melrose Industries PLC will retain ownership of GKN Aerospace. The Group plans to seek shareholder approval for the proposed demerger in the first half of 2023.
First half adjusted profit before tax from continuing operations increased to 128 million pounds from 114 million pounds, prior year. Adjusted earnings per share was 2.2 pence compared to 1.8 pence.
Pretax loss from continuing operations widened to 358 million pounds from a loss of 275 million pounds, last year. Loss per share was 6.3 pence compared to a loss of 3.4 pence. Adjusted revenue from continuing operations increased to 3.88 billion pounds from 3.72 billion pounds, last year.
The Board has declared an interim dividend 0.825 pence per share, a 10% increase and will be paid on 20 October 2022 to shareholders on the register at the close of business on 15 September 2022.
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